Latham & Watkins represented the lenders on the US$1.5 billion debt financing for the development of the 1,200MW Mong Duong 2 coal-fired power plant in Quang Ninh province, Vietnam.
The financing is being provided by The Export-Import Bank of Korea (KEXIM) and 12 commercial banks. K-sure is insuring a significant portion of the financing. The commercial bank lenders include BNP Paribas, Crédit Agricole Corporate and Investment Bank, The HongKong and Shanghai Banking Corporation Limited, ING Bank N.V., NATIXIS, Société Générale, Sumitomo Mitsui Banking Corporation, Mizuho Corporate Bank, Ltd., UniCredit Bank AG, Standard Chartered Bank, Crédit Industriel et Commercial and DZ Bank AG Deutsche Zentral-Genossenchaftsbank, Frankfurt am Main.
The sponsors of the project are AES Corporation, POSCO Power Corporation and Stable Investment Corporation, a subsidiary of China Investment Corporation.
The Latham & Watkins team was led by Tokyo partner Joe Bevash and Singapore partner Stephen McWilliams.
McWilliams, Singapore Office Managing Partner and co-leader of the Latham team, commented: “This is not only Vietnam’s first ever coal-fired Build-Operate-Transfer (BOT) project, but also the largest independent power project ever undertaken in the country. As the first power BOT project to reach financial close since 2003, Mong Duong 2 establishes a way forward for a number of upcoming BOT power projects in Vietnam.”
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